Federal Reserve Report on Economic Well Being of US Households
FRB: Survey of Household Economics and Decisionmaking
The Fed released it's annual report of Economic Well-Being of US Households. 100+ pages I've not sifted through yet but found this snipet that makes me sad.
When asked how their spending compares to their
income, 41 percent say that they spent less than they
made in the past year and 37 percent report that their
spending was equal to their income. However, one-in five
respondents report that their spending exceeded
So 57% spend everything they earn (or more for 20%)
This time of year when I give graduation presents I always write in a book or card that they (receipient) should remember to "Always spend less than you earn."
"Up sluggard and waste not the day, in the grave will be sleeping enough." Benjamin Franklin